Econ Vocab Question Preview (ID: 60991)
Econ Vocab Review.
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Any money a person receives for goods, services, or investments
a) Entrepernuer
b) Producer
c) Scarcity
d) Income
A person who organizes and manages a business usually with a lot of risk
a) Product
b) Entrepreneur
c) Currency
d) Consumer
When supply is less than demand
a) Economics
b) Tariff
c) Consumer
d) Scarcity
A law or policy that limits international trade
a) Trade Barrier
b) Surplus
c) Import
d) Quota
To ship out goods and services to another country
a) Surplus
b) Import
c) Economics
d) Export
To block trade
a) Credit
b) Embargo
c) Supply
d) Trade Barrier
A person or group who makes goods and services
a) Consumer
b) Producer
c) Investment
d) Embargo
Trusting a buyer by giving the goods or services without immediate payment with the intention to pay later
a) Credit
b) Import
c) Embargo
d) Trade Barrier
The amount of something available
a) Income
b) Product
c) Supply
d) Investment
Putting currency into something the the intention of gaining currency over time
a) Entrepreneur
b) Import
c) Economics
d) Investment
The specific number of goods that need to be created, sold, imported, or exported
a) Expense
b) Quota
c) Economics
d) Surplus
A good or service created and made available by a company
a) Tariff
b) Quota
c) Product
d) Currency
Something used to pay for a good or service
a) Expense
b) Economics
c) Currency
d) Supply
A person or group who use goods or services
a) Export
b) Entrepreneur
c) Consumer
d) Income
The amount left over after demand is met
a) Economics
b) Product
c) Supply
d) Surplus
The study of how people meet their wants and needs
a) Economics
b) Expense
c) Scarcity
d) Quota
A tax on an imported good
a) Surplus
b) Currency
c) Tariff
d) Embargo
A good or services coming into a country from another
a) Import
b) Export
c) Supply
d) Credit
A cost associated with running a business or for goods and services
a) Credit
b) Income
c) Expense
d) Investment
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